Mumbai: Allianz Real Estate, part of Munich-based Allianz SE, said on Tuesday it has committed $150 million to an office development platform managed by Godrej Group as part its expansion plan in India.

The investment is part of Allianz's strategy to allocate 50-60% to its real estate exposure within the Asia Pacific to fast growing markets such as China and India, the company said in a statement.

Under the platform Godrej BTC, the Mumbai-based real estate firm would be developing two office projects spanning around 2 million sqft and apart from a current pipeline of 1.3 million sqft in Benguluru. While the platform is managed by Godrej Fund Management, Allianz, Godrej and a European pension manager each own a third of of it.

"We continue to believe in the long-term growth prospects of the Indian economy. Strong demographic trends and improving transparency are supporting real estate occupier as well as investor demand, in particular the office sector, which is ideal for long-term institutional investors such as Allianz," said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate in the statement.

In 2017, Allianz made its first investment in India through an office investment platform with Shapoorji Pallonji, followed by a logistics development venture with ESR in 2018.

“We are excited about this new partnership. Godrej is one of the most trusted brands in India with a successful track record in office. We are confident that the platform will deliver upon completion a premium office product that is increasingly sought after by multinational tenants operating in India," said Karan Bolaria, Managing Director and CEO, Godrej Fund Management.